Remember General Motors? Taxpayers own 60% of this former world leader in cars, trucks and the like. Back in the 1950s, GM controlled half the market, but by the time it filed for bankruptcy in June 2009, that share collapsed to 19.5%. And between 2000 and 2009, GM's board kept on supporting CEO Rick Wagoner, oblivious to his performance.
How so? Under Wagoner, GM's stock's value was completely wiped out, and its 2004 to 2008 losses totaled $88 billion, according to Bloomberg News. It makes you wonder why GM had a board at all.